It's interesting and elegant, but without an algorithm to turn a tree calculus program into a performant executable, it's limited in usefulness for a GP programming language or compiler target/source.
It does seem like it could be useful for analyzing programs though, depending on what properties of the programs you're looking to explore/analyze.
Sadly, the lack of a normal form for all programs is a little limiting; if one existed this language would be EXTREMELY useful (example: could be used to prove any compiler optimization produces equivalent programs).
I do wonder if there is some other similar calculus that's a little less powerful but more useful-- This approach of developing a calculus to greatly simplify a complex world has worked great in robotics (see
https://bivector.net/doc.html for fun applications of geometric algebra)